Safe. Fast. Affordable.
You can get payday loans for up to $1500 in as little as 15 minutes! My Canada Payday is in the business of getting you your fast cash advance now!

My Canada Payday is rated 4.6 stars out of 5 by TrustPilot based on 764 reviews

Manitoba Legislation

Back to Canadian Legislation

Manitoba's provincial payday loan legislation's effects are summarized below:

  • 17% interest cap
  • Not only no rollovers, but loans must be at least 7 days apart, or they have a separate interest cap of 5%.
  • Maximum loan amount of 30% of the borrower's net pay.

Net pay calculations

Net pay is a specific term which is calculated according to the following formula:

net pay = (MNI x 12) / 26

Where MNI means is the person's net income for the most recent previous calendar month in which the
person received income, calculated by adding all income received by the person from all sources during that month, minus all compulsory and voluntary deductions.

This calculation has the unfortunate consequence that people who are not paid on a semi-monthly schedule have wildly fluctuating maximum loan amounts, depending on whether they have 2 or 3 pay periods in a month (for those paid bi-weekly) or 4 or 5 periods in a month (for those paid weekly).

In addition, all payday loans in Canada are subject to federal legislation.

Resources for payday loans in Manitoba: